Tuesday the House Financial Services Committee approved H.R. 2767, the Protecting American Taxpayers and Homeowners Act of 2013 (PATH). C.A.R. and NAR strongly oppose this bill as it will phase out federal involvement in the secondary mortgage market by eliminating Fannie Mae and Freddie Mac over several years. It would also make major changes to FHA by adding limits to who can get the federally backed financing, how much of the financing would be guaranteed, and at what cost. The bill must still be taken up by the full House, and no companion bill is currently introduced in the Senate, where it appears that it may receive more resistance. When SAR representatives met with local elected Congressional representatives in May, potential reform of Fannie and Freddie was discussed at length. SAR emphasized the importance of a “do no harm” approach to all reform, and discussed why these two programs are so important to consumers.